Bill Text: HI SB392 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Special Purpose Revenue Bonds; Honolulu Seawater Air Conditioning, LLC; Extension

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB392 Detail]

Download: Hawaii-2010-SB392-Amended.html

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STAND. COM. REP. NO. 365

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 392

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Energy and Environment, to which was referred S.B. No. 392 entitled:

 

"A BILL FOR AN ACT RELATING TO THE ISSUANCE OF SPECIAL PURPOSE REVENUE BONDS TO ASSIST HONOLULU SEAWATER AIR CONDITIONING, LLC PROJECTS ON OAHU,"

 

begs leave to report as follows:

 

     The purpose of this measure is to extend the authorization to issue special purpose revenue bonds for Honolulu Seawater Air Conditioning, LLC for the design and construction of a seawater air conditioning/thermal energy storage district cooling system on Oahu.

 

     Testimony in support of this measure was submitted by four organizations.  Written testimony presented to the Committee may be reviewed on the Legislature's website.

 

     Your Committee finds that the Legislature authorized the issuance of $32,000,000 in special purpose revenue bonds in 2004 and an additional $68,000,000 in subsequent years for the project.  Your Committee also finds that Honolulu Seawater Air Conditioning, LLC has made solid progress on the project, preparing and issuing a draft environmental impact statement in October 2008, marketing the system to potential customers, and securing financing for the project.

 

     Your Committee further finds that Honolulu Seawater Air Conditioning, LLC's project is in the public interest, as it would supply approximately 25,000 tons of air conditioning capacity, which means decreased electricity use for air conditioning.

 

     Your Committee finds that permitting, environmental impact assessment studies, detailed design, and other factors have taken longer than expected, and that an extension of the authorization for the issuance of special purpose revenue bonds is necessary to continue and complete this project.

 

     As affirmed by the record of votes of the members of your Committee on Energy and Environment that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 392 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

 

Respectfully submitted on behalf of the members of the Committee on Energy and Environment,

 

		____________________________ MIKE GABBARD, Chair